We're watching all things auto-related Wednesday, from scandal fallout and luxury brands to the price of oil.

Here are the five things you need to know before the opening bell rings in New York:

1. Car crash: Volkswagen(VLKAY) shares are plunging again, this time after the company said it had understated CO2 emissions and fuel usage for about 800,000 vehicles. It said most, but not all, of the cars affected have diesel engines. That news broke the day after VW disputed a claim by U.S. regulators that the diesel emissions scandal had spread to some Porsche Cayenne models.

In London, Burberry(BBRYF) shares are up after it announced it is combining its brands under a single Burberry label. It also announced it's investing $77 million in a new factory for its trademark trench coats.

Tesla (TSLA)shares shot up more than 11% in after hours trading. The electric car company reported revenue below expectations but said there is "growing demand" for energy-storing batteries and its vehicles. CEO Elon Musk said the company is poised for a banner year in 2016.